Market Newsdesk

July 27, 2021 4:06 pm

Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2021

– Revenue: $720 million

– Gross Margin: 67.2% GAAP (67.7% excluding special items)

– EPS: $0.93 GAAP ($0.91 excluding special items)

PR Newswire

SAN JOSE, Calif., July 27, 2021 /PRNewswire/ — Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $720 million for its fourth quarter of fiscal 2021 ended June 26, 2021, an 8% increase from the $665 million revenue recorded in the prior quarter, and a 32% increase from the same quarter of last year.

“Maxim delivered record revenue in the June quarter, with sequential growth in all end markets, led by Industrial, Automotive, and Comms & Data Center. On the merger front, we are seeking final regulatory clearance for our combination with Analog Devices,” said Tunc Doluca, President and Chief Executive Officer.

Fiscal Year 2021 Fourth Quarter Results
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was $0.93, which benefited from a $13 million tax reserve release. The results were affected by $6 million in pre-tax special items which primarily consisted of $4 million of expenses related to prior acquisitions and $2 million in charges related to our upcoming combination with Analog Devices. GAAP earnings per share, excluding special items was $0.91. An analysis of GAAP versus GAAP excluding special items is provided in this press release.

Cash Flow Items
At the end of the fourth quarter of fiscal 2021, total cash, cash equivalents and short-term investments were $2.3 billion, up $257 million from the prior quarter.

Notable items included:

Cash flow from operations: $280 million
Capital expenditures: $20 million

Trailing twelve months free cash flow was $859 million. Free cash flow is a non-GAAP measure and is defined by cash flow from operations less capital expenditures.

Dividend and Stock Repurchase
Per the terms of the Merger Agreement between the Company and Analog Devices, we will not declare a dividend that would have been paid in September 2021 and our stock repurchase program remains suspended.

Due to the pending merger with Analog Devices, Maxim Integrated will not be hosting a quarterly earnings conference call and has suspended the practice of providing forward-looking guidance. Investors are requested to review our Investor Relations website for the quarterly financial highlights and SEC filings for the latest updates on the pending transaction with Analog Devices.


CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	Three Months Ended			Year Ended
	June 26, 2021	March 27, 2021	June 27, 2020	June 26, 2021	June 27, 2020
	(in thousands, except per share data)
Net revenues	$ 719,855	$ 665,029	$ 545,369	$ 2,632,529	$ 2,191,395
Cost of goods sold	235,830	222,144	183,001	872,183	758,743
Gross margin	484,025	442,885	362,368	1,760,346	1,432,652
Operating expenses:
Research and development	114,834	109,228	110,173	454,330	440,166
Selling, general and administrative	81,071	76,544	72,893	320,722	296,722
Intangible asset amortization	846	846	810	3,554	3,078
Severance and restructuring expenses	1,139	155	678	13,434	5,363
Other operating expenses (income), net	2,798	8,848	(173)	22,606	929
Total operating expenses	200,688	195,621	184,381	814,646	746,258
Operating income	283,337	247,264	177,987	945,700	686,394
Interest and other income (expense), net	(5,723)	(2)	(8,488)	(15,964)	(8,298)
Income before taxes	277,614	247,262	169,499	929,736	678,096
Provision for (benefit from) income taxes ⁽¹⁾⁽²⁾	23,875	27,199	(37,799)	102,475	23,402
Net income	$ 253,739	$ 220,063	$ 207,298	$ 827,261	$ 654,694

Earnings per share:
Basic	$ 0.95	$ 0.82	$ 0.78	$ 3.09	$ 2.43
Diluted	$ 0.93	$ 0.81	$ 0.77	$ 3.05	$ 2.41

Shares used in the calculation of earnings per share:
Basic	268,160	267,892	266,639	267,546	269,341
Diluted	271,445	271,396	268,777	270,872	272,028

Dividends paid per share	$ –	$ –	$ 0.48	$ 0.48	$ 1.92


SCHEDULE OF SPECIAL ITEMS
(Unaudited)

	Three Months Ended			Year Ended
	June 26, 2021	March 27, 2021	June 27, 2020	June 26, 2021	June 27, 2020
	(in thousands)
Cost of goods sold:
Intangible asset amortization	$ 3,047	$ 4,430	$ 3,528	$ 17,408	$ 12,860
Merger-related expenses⁽³⁾	–	–	–	2,394	–
Cost of COVID-19 response programs	609	638	1,591	2,750	3,616
Total	$ 3,656	$ 5,068	$ 5,119	$ 22,552	$ 16,476

Operating expenses:
Merger-related expenses⁽³⁾	$ 2,058	$ 2,546	$ –	$ 26,617	$ –
Intangible asset amortization	846	846	810	3,553	3,078
Severance and restructuring	1,139	155	678	13,434	5,363
Other operating expenses (income), net	831	6,302	(173)	7,436	928
Total	$ 4,874	$ 9,849	$ 1,315	$ 51,040	$ 9,369

Interest and other expense (income), net	$ (2,878)	$ (7,359)	$ 1,484	$ (15,903)	$ (541)
Total	$ (2,878)	$ (7,359)	$ 1,484	$ (15,903)	$ (541)

Provision for (benefit from) for income taxes:
Impact of U.S. tax legislation ⁽¹⁾	$ –	$ –	$ 6,486	$ –	$ 6,486
Impact of income tax audit settlements ⁽²⁾	–	–	(51,197)	–	(51,197)
Total	$ –	$ –	$ (44,711)	$ –	$ (44,711)

(1) Includes effect of U.S. tax legislation enacted on December 22, 2017.
(2) Includes effect of income tax audit settlements.
(3) Includes ADI merger related expenses such as accelerated stock-based compensation expense resulting from the acceleration of certain RSAs and RSUs, and other legal and professional services.


CONSOLIDATED BALANCE SHEETS
(Unaudited)
	June 26, 2021	March 27, 2021	June 27, 2020
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$ 2,291,399	$ 2,033,973	$ 1,578,670
Short-term investments	–	–	35,536
Total cash, cash equivalents and short-term investments	2,291,399	2,033,973	1,614,206
Accounts receivable, net	658,829	571,042	404,778
Inventories	237,414	242,343	259,626
Other current assets	30,643	27,440	39,219
Total current assets	3,218,285	2,874,798	2,317,829
Property, plant and equipment, net	554,339	543,848	550,406
Intangible assets, net	66,998	70,891	87,959
Goodwill	562,540	562,541	562,540
Other assets	120,937	120,149	110,569
TOTAL ASSETS	$ 4,523,099	$ 4,172,227	$ 3,629,303

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$ 129,710	$ 102,263	$ 91,982
Price adjustment and other revenue reserves	259,411	214,366	148,916
Income taxes payable	49,568	53,694	43,457
Accrued salary and related expenses	150,656	128,553	126,751
Accrued expenses	47,967	35,627	42,228
Total current liabilities	637,312	534,503	453,334
Long-term debt	995,460	995,100	994,022
Income taxes payable	343,964	351,738	385,072
Other liabilities	130,423	141,721	139,418
Total liabilities	2,107,159	2,023,062	1,971,846

Stockholders’ equity:
Common stock and capital in excess of par value	269	268	266
Additional paid-in capital	58,055	47,801	–
Retained earnings	2,370,900	2,117,161	1,671,786
Accumulated other comprehensive loss	(13,284)	(16,065)	(14,595)
Total stockholders’ equity	2,415,940	2,149,165	1,657,457
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$ 4,523,099	$ 4,172,227	$ 3,629,303

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Three Months Ended			Year Ended
	June 26, 2021	March 27, 2021	June 27, 2020	June 26, 2021	June 27, 2020
	(in thousands, except per share data)
Cash flows from operating activities:
Net income	$ 253,739	$ 220,063	$ 207,298	$ 827,261	$ 654,694
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	20,176	20,878	23,290	107,993	95,431
Depreciation and amortization	23,564	24,552	36,384	96,456	108,533
Deferred taxes	(4,047)	1,601	14,386	(5,331)	8,994
In Process Research and Development written-off	–	–	–	1,220	–
Loss from sale or disposal of property, plant and equipment	(611)	124	557	(260)	1,191
Fair value contingent consideration	–	5,835	–	5,835	–
Other adjustments	(95)	2,413	2,127	1,745	11,353
Changes in assets and liabilities:
Accounts receivable	(87,794)	(85,236)	(24,078)	(254,229)	(42,335)
Inventories	4,890	18,950	(34,562)	21,896	(8,671)
Other assets	(6,759)	(4,875)	(25,769)	(17,343)	(86,299)
Accounts payable	17,384	(719)	5,405	22,187	7,594
Price adjustment and other revenue reserves	45,052	34,118	37,681	110,673	48,426
Income taxes payable	(11,900)	8,021	(45,855)	(34,997)	(74,814)
All other accrued liabilities	26,211	25,715	15,465	41,154	76,758
Net cash provided by operating activities	279,810	271,440	212,329	924,260	800,855
Cash flows from investing activities:
Purchases of property, plant and equipment	(19,500)	(16,229)	(15,680)	(64,942)	(67,049)
Proceeds from sales of property, plant and equipment	11	16	124	94	392
Proceeds from sales of available-for-sale securities	–	–	1,290	1,500	1,290
Proceeds from maturity of available-for-sale securities	–	8,876	10,734	33,901	104,286
Payment in connection with business acquisition, net of cash acquired	–	–	(69,270)	–	(69,270)
Purchases of investments in privately-held companies	–	(1,235)	(1,840)	(1,345)	(1,960)
Proceeds from sale of investments in privately-held companies	242	–	205	281	378
Other investing activities	–	–	2	–	(116)
Net cash provided by (used in) investing activities	(19,247)	(8,572)	(74,435)	(30,511)	(32,049)
Cash flows from financing activities:
Contingent consideration paid	–	(10,000)	–	(10,000)	(8,000)
Net issuance of restricted stock units	(9,964)	(15,932)	(6,741)	(61,880)	(35,877)
Proceeds from stock options exercised	82	76	2,240	2,965	18,870
Issuance of common stock under employee stock purchase program	–	–	23,725	18,498	42,260
Repurchase of common stock	–	–	(82,299)	(9,201)	(440,811)
Dividends paid	–	–	(128,058)	(128,147)	(517,162)
Net cash used in financing activities	(9,882)	(25,856)	(191,133)	(187,765)	(940,720)
Net increase (decrease) in cash, cash equivalents and restricted cash	250,681	237,012	(53,239)	705,984	(171,914)
Cash, cash equivalents and restricted cash
Beginning of period	$ 2,040,731	$ 1,803,719	$ 1,638,667	$ 1,585,428	$ 1,757,342
End of period	$ 2,291,412	$ 2,040,731	$ 1,585,428	$ 2,291,412	$ 1,585,428

Total cash, cash equivalents, and short-term investments	$ 2,291,399	$ 2,033,973	$ 1,614,206	$ 2,291,399	$ 1,614,206

Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 2,291,399	$ 2,033,973	$ 1,578,670	$ 2,291,399	$ 1,578,670
Restricted cash in Other assets	13	6,758	6,758	13	6,758
Total cash, cash equivalents and restricted cash	$ 2,291,412	$ 2,040,731	$ 1,585,428	$ 2,291,412	$ 1,585,428

ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES
(Unaudited)
	Three Months Ended			Year Ended
	June 26, 2021	March 27, 2021	June 27, 2020	June 26, 2021	June 27, 2020
	(in thousands, except per share data)
Reconciliation of GAAP gross profit to GAAP gross profit excluding special items:
GAAP gross profit	$ 484,025	$ 442,885	$ 362,368	$ 1,760,346	$ 1,432,652
GAAP gross profit %	67.2%	66.6%	66.4%	66.9%	65.4%
Special items:
Intangible asset amortization	3,047	4,430	3,528	17,408	12,860
Merger-related expenses⁽¹⁾	–	–	–	2,381	–
Cost of COVID-19 response programs	609	638	1,591	2,750	3,616
Severance and restructuring	–	–	–	13	–
Total special items	3,656	5,068	5,119	22,552	16,476
GAAP gross profit excluding special items	$ 487,681	$ 447,953	$ 367,487	$ 1,782,898	$ 1,449,128
GAAP gross profit % excluding special items	67.7%	67.4%	67.4%	67.7%	66.1%

Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items:
GAAP operating expenses	$ 200,688	$ 195,621	$ 184,381	$ 814,646	$ 746,258
Special items:
Merger-related expenses⁽¹⁾	2,058	2,546	–	26,617	–
Intangible asset amortization	846	846	810	3,553	3,078
Severance and restructuring	1,139	155	678	13,434	5,363
Other operating expenses (income), net	831	6,302	(173)	7,436	928
Total special items	4,874	9,849	1,315	51,040	9,369
GAAP operating expenses excluding special items	$ 195,814	$ 185,772	$ 183,066	$ 763,606	$ 736,889

Reconciliation of GAAP net income to GAAP net income excluding special items:
GAAP net income	$ 253,739	$ 220,063	$ 207,298	$ 827,261	$ 654,694

Special items:
Intangible asset amortization	3,893	5,276	4,338	20,961	15,938
Merger-related expenses⁽¹⁾	2,058	2,546	–	29,011	–
Cost of COVID-19 response programs	609	638	1,591	2,750	3,616
Severance and restructuring	1,139	155	678	13,434	5,363
Other operating expenses (income), net	831	6,302	(173)	7,436	928
Interest and other expense (income), net	(2,878)	(7,359)	1,484	(15,903)	(541)
Pre-tax total special items	5,652	7,558	7,918	57,689	25,304
Other income tax effects and adjustments ⁽²⁾	(12,950)	(5,928)	(14,378)	(24,765)	(19,668)
Impact of U.S. tax legislation ⁽³⁾	–	–	6,486	–	6,486
Impact of income tax audit settlements ⁽⁴⁾	–	–	(51,197)	–	(51,197)
GAAP net income excluding special items	$ 246,441	$ 221,693	$ 156,127	$ 860,185	$ 615,619

GAAP net income per share excluding special items:
Basic	$ 0.92	$ 0.83	$ 0.59	$ 3.22	$ 2.29
Diluted	$ 0.91	$ 0.82	$ 0.58	$ 3.18	$ 2.26

Shares used in the calculation of earnings per share excluding special items:
Basic	268,160	267,892	266,639	267,546	269,341
Diluted	271,445	271,396	268,777	270,872	272,028

(1) Includes ADI merger related expenses such as accelerated stock-based compensation expense resulting from the acceleration of certain RSAs and RSUs, and other legal and professional services.
(2) Includes tax effect of pre-tax special items and miscellaneous tax adjustments.
(3) Includes effect of U.S. tax legislation enacted on December 22, 2017.
(4) Includes effect of income tax audit settlements.

Non-GAAP Measures
To supplement the consolidated financial results prepared under GAAP, Maxim Integrated uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude special items related to the cost of COVID-19 response programs; ADI merger-related expenses; intangible asset amortization; severance and restructuring; other operating expenses (income), net; interest and other expense (income), net; and other income tax effects and adjustments. We defined free cash flow as net cash provided from operations less gross capital expenditures. Management uses these non-GAAP measures internally to make strategic decisions, forecast future results and evaluate Maxim Integrated’s current performance. Many analysts covering Maxim Integrated use non-GAAP measures as well. Given management’s use of these non-GAAP measures, Maxim Integrated believes these measures are important to investors in understanding Maxim Integrated’s current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in Maxim Integrated’s core business across different time periods. These non-GAAP measures are not in accordance with or an alternative to GAAP financial data and may be different from non-GAAP measures used by other companies. Because non-GAAP financial measures are not standardized it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures, even if they have similar names. The non-GAAP measures displayed in the table above include the following:

GAAP Gross Profit Excluding Special Items
The use of GAAP gross profit excluding special items allows management to evaluate the gross margin of the Company’s core businesses and trends across different reporting periods on a consistent basis, independent of special items including intangible asset amortization, ADI merger-related expenses and cost of COVID-19 response programs. In addition, it is an important component of management’s internal performance measurement and reward process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents GAAP gross profit excluding special items to enable investors and analysts to evaluate our revenue generation performance relative to the direct costs of revenue of Maxim Integrated’s core businesses.

GAAP Operating Expenses Excluding Special Items
The use of GAAP operating expenses excluding special items allows management to evaluate the operating expenses of the Company’s core businesses and trends across different reporting periods on a consistent basis, independent of special items including intangible asset amortization; ADI merger-related expenses severance and restructuring, and other operating expenses (income), net. In addition, it is an important component of management’s internal performance measurement and reward process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents GAAP operating expenses excluding special items to enable investors and analysts to evaluate our core business and its direct operating expenses.

GAAP Provision for Income Taxes Excluding Special Items
The use of a GAAP provision for income taxes excluding special items allows management to evaluate the provision for income taxes across different reporting periods on a consistent basis, independent of special items. Special items include the tax impact of pre-tax special items, significant tax audit settlements, significant prior year tax reserve adjustments, significant tax legislation, and significant non-recurring and period specific tax items, which vary in size and frequency.

GAAP Net Income and GAAP Net Income per Share Excluding Special Items
The use of GAAP net income and GAAP net income per share excluding special items allow management to evaluate the operating results of Maxim Integrated’s core businesses and trends across different reporting periods on a consistent basis, independent of special items including intangible asset amortization; ADI merger-related expenses; cost of COVID-19 response programs; severance and restructuring; other operating expenses (income), net; interest and other expense (income), net; and other income tax effects and adjustments. In addition, they are important components of management’s internal performance measurement and reward process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents GAAP net income and GAAP net income per share excluding special items to enable investors and analysts to understand the results of operations of Maxim Integrated’s core businesses and to compare our results of operations on a more consistent basis against that of other companies in our industry.

“Safe Harbor” Statement
Except for historical information, this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve risk and uncertainty. Actual results could differ materially from those forecasted, based upon, among other things, general market and economic conditions, regulatory approvals, supply constraints, market developments that could adversely affect the growth of the mixed-signal analog market, product mix shifts, the loss of all or a substantial portion of our sales to one or more of our large customers, customer cancellations and price competition, as well as other risks described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 27, 2020 (the “Form 10-K”). The Form 10-K may be found at https://www.sec.gov/Archives/edgar/data/743316/000074331620000025/0000743316-20-000025-index.htm.

All forward-looking statements included in this news release are made as of the date hereof and based on the information available to the Company as of the date hereof. The Company assumes no obligation to update any forward-looking statement except as required by law.

About Maxim Integrated
Maxim Integrated, an engineer’s engineering company, exists to solve the designer’s toughest problems in order to empower design innovation. Our broad portfolio of high-performance semiconductors, combined with world-class tools and support, delivers essential analog solutions including efficient power, precision measurement, reliable connectivity and robust protection along with intelligent processing. Designers in application areas such as automotive, communications, consumer, data center, healthcare, industrial and IoT trust Maxim to help them quickly develop smaller, smarter and more secure designs. Learn more at https://www.maximintegrated.com.

Contact

Kathy Ta

Vice President, Investor Relations
(408) 601-5697

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SOURCE Maxim Integrated Investor Relations

July 27, 2021 4:06 pm

Nuwellis, Inc. To Announce Second Quarter 2021 Financial Results on August 10, 2021

EDEN PRAIRIE, Minn., July 27, 2021 (GLOBE NEWSWIRE) — Nuwellis, Inc. (NASDAQ: NUWE), announced today that its second quarter 2021 financial results will be released on Tuesday, August 10, 2021. The company will host a conference call and webcast at 9:00 AM ET, during which management will discuss the company’s financial results and provide a general business overview.

To access the live webcast, please visit the Investors page of the Nuwellis website at http://ir.nuwellis.com. Alternatively, you may access the live conference call by dialing (877) 303-9826 (U.S.) or (224) 357-2194 (international) and using conference ID: 1396749. An audio archive of the webcast will be available following the call on the Investor page at http://ir.nuwellis.com.

About Nuwellis

Nuwellis, Inc. (Nasdaq:NUWE) is a medical device company dedicated to changing the lives of patients suffering from fluid overload through science, collaboration, and innovation. The Company is focused on developing, manufacturing and commercializing the Aquadex SmartFlow® system for ultrafiltration therapy. Nuwellis is headquartered in Minneapolis, Minn., with a wholly-owned subsidiary in Ireland. The Company has been listed on the Nasdaq Capital Market since February 2012, previously branded as CHF Solutions (Nasdaq:CHFS).

CONTACTS

INVESTORS:

George Montague
Chief Financial Officer, Nuwellis, Inc.
[email protected]

Matt Bacso, CFA
Gilmartin Group LLC
[email protected]

MEDIA:

Jessica Stebing
Health+Commerce
[email protected]

July 27, 2021 4:04 pm

Hawaiian Holdings Reports 2021 Second Quarter Financial Results

PR Newswire

HONOLULU, July 27, 2021 /PRNewswire/ — Hawaiian Holdings, Inc. (NASDAQ: HA) (the “Company”), parent company of Hawaiian Airlines, Inc. (“Hawaiian”), today reported its financial results for the second quarter of 2021.

Second Quarter 2021 – Key Financial Metrics
	GAAP	YoY Change	Adjusted	YoY Change
Net Loss	$(6.2)M	$100.7M	$(73.8)M	$100.9M
Diluted EPS	$(0.12)	$2.21	$(1.44)	$2.37
Pre-tax Margin	(2.0)%	+252.2 pts.	(22.9)%	+361.0 pts.

“We made meaningful strides toward recovery during the second quarter, propelled by continued strong demand on our US mainland routes,” said Peter Ingram, Hawaiian Airlines President and CEO. “It is encouraging to see how far we’ve come and I am optimistic about our continued recovery. My immense appreciation goes out to our team, who continues to embrace our purpose, in spite of the challenges facing them.”

Statistical data, as well as a reconciliation of the reported non-GAAP financial measures, can be found in the accompanying tables.

Second Quarter 2021

Financial Results

For the second quarter of 2021, the Company reported a net loss of $6.2 million, and an adjusted net loss of $73.8 million.

The Company reported total revenue of $410.8 million, down 42% compared to the second quarter of 2019, on 30% lower capacity.

The Company reported total operating expenses of $392.3 million, and operating expenses excluding non-recurring items of $478.4 million, down 23% compared to the second quarter of 2019.

Routes and Network

The State of Hawai’i made several positive changes to its Safe Travels program in the second quarter of 2021, including:

Beginning May 11, 2021, travelers who were fully vaccinated in Hawaiʻi and had proof of vaccination were permitted to bypass COVID-19 testing and quarantine restrictions when traveling within the Hawaiian islands.
Beginning June 15, 2021, all travel restrictions were removed for travel within the Hawaiian islands, and travelers who were fully vaccinated in Hawaiʻi were permitted to bypass COVID-19 testing and quarantine restrictions with proof of vaccination when traveling into the state.
Beginning July 8, 2021, all domestic travelers who were fully vaccinated in the U.S. were permitted to bypass COVID-19 testing and quarantine restrictions with proof of vaccination when traveling into the state.
The State of Hawaiʻi announced that the Safe Travel Program will end when 70% of the state’s residents are fully vaccinated.

In the second quarter of 2021, the Company continued to rebuild and expand its network, primarily in North America. In June 2021, Hawaiian’s North America traffic exceeded June 2019 levels. During the second quarter of 2021, the Company operated at an average of 70% of its 2019 second quarter system capacity, comprised of 97%, 57% and 11% capacity on its North America, Neighbor Island and International routes, respectively.

In April 2021, the Company launched twice weekly service between Honolulu’s Daniel K. Inouye International Airport (HNL) and Austin-Bergstrom International Airport (AUS), and expanded this service to three-times-weekly for the summer of 2021.

In May 2021, the Company launched four-times-weekly seasonal service through August 15, 2021 between Kahului, Maui (OGG) and Phoenix Sky Harbor International Airport (PHX).

In June 2021, the Company announced the resumption of its Tahiti service following the launch of a pre-travel testing program between Hawaiʻi and French Polynesia that allows for quarantine-free travel between the two archipelagos. As part of the program, travelers inbound to Hawai’i will need to provide proof of a negative test result from a State-approved testing partner, while travelers outbound to Tahiti will need to provide proof of vaccination and have fulfilled the government of Tahiti’s COVID-19 entry requirements prior to travel. Beginning August 7, 2021, the Company will reinstate its nonstop once-weekly service between Honolulu’s Daniel K. Inouye International Airport (HNL) and Tahiti’s Fa’a’ā International Airport (PPT).

Liquidity and Capital Resources

As of June 30, 2021, the Company had:

Unrestricted cash, cash equivalents and short-term investments of $2.2 billion, up $304 million from March 31, 2021
Outstanding debt and finance lease obligations of $2.2 billion, up $22 million from March 31, 2021
Air traffic liability of $823 million, up $136 million from March 31, 2021

The Company further enhanced its liquidity position during the second quarter of 2021 with $173.4 million in grants and $31.4 million in loans pursuant to the Payroll Support Program Extension Agreement (the “PSP Extension Agreement”) and Payroll Support Program 3 Agreement with the U.S. Department of the Treasury.

As of June 30, 2021, the Company had $2.4 billion in liquidity, including the undrawn portion of its $235 million revolving credit facility.

Guest Experience

In June 2021, the Company announced a partnership with Boyd Gaming Corporation that will allow members to earn greater benefits and rewards with Boyd Gaming’s award-winning B Connected player loyalty program and the HawaiianMiles program. Boyd Gaming and Hawaiian Airlines loyalty members will enjoy reciprocal earning and redemption benefits, providing the Company’s customers with greater access to B Connected’s selection of rewards tiers, exclusive player benefits and entertainment experiences, as well as more ways to earn and use HawaiianMiles.

As of July 15, 2021, the Company restored its full cabin meal and beverage service, while maintaining safety standards for its guests and guest-facing team members.

The Company continues its enhanced cleaning procedures and guest-facing protocols to minimize the risk of transmission of COVID-19. Understanding that health and safety are still critical concerns for our guests, the Company will continue to focus on protective measures such as:

Frequent cleaning and disinfecting of counters and self-service check-in kiosks in airports.
Ensuring hand sanitizers are readily available for guests at airports it serves.
Requiring guests and guest-facing employees to wear face masks or coverings, with guests required to wear masks from check-in to deplaning (except when eating or drinking on board).
Performing enhanced aircraft cleaning between flights and during overnight parking.

Environmental, Social and Corporate Governance

In July 2021, the Company published its 2021 Corporate Kuleana Report reinforcing its commitment to sustainability and outlining its progress advancing various environmental, social and governance (ESG) initiatives. A link to the report can be found through the Investor Relations, Corporate Responsibility section of Hawaiian’s website.

Addressing climate change remains one of the Company’s key ESG priorities. The Company has committed to achieving net-zero carbon emissions by 2050 through ongoing fleet investments, more efficient flying, carbon offsets, industry advocacy for air traffic control reform and development of sustainable aviation fuel supply. Starting this year, the Company has pledged to offset emissions from international flights above 2019 levels, in accordance with the International Civil Aviation Organization’s Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).

In 2020, the Company decreased Available Seat Miles (ASMs) by 63.3 percent and Revenue Passenger Miles (RPMs) by 74.3 percent compared to 2019. The Company’s CO2 greenhouse gas emissions (GHG) dropped commensurately by 60.7 percent. After adjusting its fuel consumption figures to remove cargo-only flying, the Company reduced CO2 emissions intensity per ASM year-over-year by 2.1%.

The Company also defined steps it is taking to foster diversity and inclusion. Evidence-based processes to minimize bias in hiring and promotional practices across the Company have contributed to team diversity, with approximately 78% of Hawaiian’s active workforce identifying as diverse based on ethnicity and 44% based on gender.

Third Quarter 2021 Outlook

The Company expects to continue to rebuild its network in the third quarter, driven primarily by North America and Neighbor Island flying, as the timing of International demand recovery remains uncertain. The Company expects improvement in total revenue, with continued strength in North America demand, and steady improvement in Neighbor Island. The Company expects an increase in operating expenses, excluding non-recurring items, primarily driven by the increase in capacity as compared to the second quarter, higher fuel price, higher airport rates, and costs related to preparing for the resumption of more significant international flying.

The table below summarizes the Company’s expectations for the third quarter ending September 30, 2021, expressed as an expected percentage change compared to the results for the quarter ended September 30, 2019, as applicable.

Item	Third Quarter 2021 Guidance	GAAP Equivalent	GAAP Third Quarter 2021 Guidance
ASMs	Down 20 to 23%
Total Revenue	Down 28 to 33%
Operating Expenses, excluding non-recurring items (a)	Down 10 to 14%	Operating Expenses (a)	Down 22 to 26%
Interest Expense	$30 million
Adjusted EBITDA (b)	$(20) million to $20 million
Effective Tax Rate	~21%
Fuel Price per Gallon (c)	$2.04


(a)	See Table 4 for a reconciliation of GAAP operating expenses to operating expenses excluding non-recurring items.
(b)	The Company is not providing a reconciliation of adjusted EBITDA to GAAP net income, the most directly comparable GAAP measure, as it is unable, without unreasonable efforts, to calculate certain special and non-recurring charges, which could have a significant impact on the GAAP measure.
(c)	Fuel Price per Gallon estimates are based on the July 23, 2021 fuel forward curve.

Statistical information, as well as a reconciliation of certain non-GAAP financial measures, can be found in the accompanying tables.

Investor Conference Call

Hawaiian Holdings’ quarterly results conference call is scheduled to begin today (July 27, 2021) at 4:30 p.m. Eastern Time (USA). The conference call will be broadcast live over the Internet. Investors may access and listen to the live audio webcast on the investor relations section of the Company’s website at HawaiianAirlines.com. For those who are not available for the live webcast, a replay of the webcast will be archived for 90 days on the investor relations section of the Company’s website.

About Hawaiian Airlines

Hawaiian® has led all U.S. carriers in on-time performance for each of the past 17 years (2004-2020) as reported by the U.S. Department of Transportation. Consumer surveys by Condé Nast Traveler, Travel + Leisure and TripAdvisor have placed Hawaiian among the top of all domestic airlines serving Hawai’i.

Now in its 92nd year of continuous service, Hawaiian is Hawai’i’s biggest and longest-serving airline. Hawaiian offers approximately 130 flights within the Hawaiian Islands, daily nonstop flights between Hawai’i and 16 U.S. gateway cities – more than any other airline – as well as once-weekly service connecting Honolulu and Tahiti. As a result of the COVID-19 pandemic, Hawaiian is operating an adjusted flight schedule between Hawai’i and Japan and Korea, and has temporarily suspended service in Australia, New Zealand and American Samoa.

The airline is committed to connecting people with aloha by offering complimentary meals for all guests on transpacific routes and the convenience of no change fees on Main Cabin and Premium Cabin seats. HawaiianMiles members also enjoy flexibility with miles that never expire.

Hawaiian Airlines, Inc. is a subsidiary of Hawaiian Holdings, Inc. (NASDAQ: HA). Additional information is available at HawaiianAirlines.com. Follow Hawaiian’s Twitter updates (@HawaiianAir), become a fan on Facebook (Hawaiian Airlines), and follow us on Instagram (hawaiianairlines). For career postings and updates, follow Hawaiian’s LinkedIn page.

For media inquiries, please visit Hawaiian Airlines’ online newsroom.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company’s current views with respect to certain current and future events and financial performance. Such forward-looking statements include, without limitation, the Company’s recovery from the COVID-19 pandemic, including the timing to rebuild its business; route schedules; the outcome of the Company’s partnership with Boyd Gaming Corporation, the Company’s continued focus on effective cleaning, sanitization and safety efforts; the Company’s ESG commitments, the Company’s expectations related to rebuilding its network and improvement in revenue in the third quarter of 2021, including the expected strength of the North America market; expectations related to the recovery of our international routes; the Company’s expectations regarding the increase in operating expenses, excluding non-recurring items, driven by the increase in capacity in the third quarter of 2021; the Company’s outlook for the third quarter of 2021, including expectations regarding ASMs, total revenue, operating expense, interest expense, adjusted EBITDA, effective tax rate, capital expenditures and statements as to other matters that do not relate strictly to historical facts or statements of assumptions underlying any of the foregoing. Words such as “expects,” “anticipates,” “projects,” “intends,” “plans,” “believes,” “estimates,” variations of such words, and similar expressions are also intended to identify such forward-looking statements. These forward-looking statements are and will be subject to many risks, uncertainties and assumptions relating to the Company’s operations and business environment, all of which may cause the Company’s actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. These risks and uncertainties include, without limitation, the continuing and developing effects of the spread of COVID-19 on the Company’s business operations and financial condition; the duration of government-mandated and other restrictions on travel; the full effect that the quarantine, restrictions on travel and other measures to limit the spread of COVID-19 will have on demand for air travel in the markets in which the Company operates; fluctuations and the extent of declining demand for air transportation in the markets in which the Company operates; the Company’s dependence on the tourism industry; the Company’s ability to manage its available cash; the Company’s ability to accurately forecast economic volatility; macroeconomic developments; political developments; the price and availability of aircraft fuel; labor negotiations; regulatory determinations and related developments; competitive pressures, including the impact of industry capacity between North America and Hawai’i and interisland; changes in the Company’s future capital needs; and foreign currency exchange rate fluctuations.

The risks, uncertainties and assumptions referred to above that could cause the Company’s results to differ materially from the results expressed or implied by such forward-looking statements also include the risks, uncertainties and assumptions discussed from time to time in the Company’s other public filings and public announcements, including the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q, as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. All forward-looking statements included in this document are based on information available to the Company on the date hereof. The Company does not undertake to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date hereof even if experience or future changes make it clear that any projected results expressed or implied herein will not be realized.

Table 1. Hawaiian Holdings, Inc. Consolidated Statements of Operations (unaudited)

	Three Months Ended June 30,						Six months ended June 30,
	2021		2020		% Change		2021		2020		% Change
	(in thousands, except per share data)
Operating Revenue:
Passenger	$	356,271	$	29,762	1,097.1	%	$	493,740	$	533,231	(7.4)	%
Other	54,510		30,242		80.2	%	99,258		85,917		15.5	%
Total	410,781		60,004		584.6	%	592,998		619,148		(4.2)	%
Operating Expenses:
Wages and benefits	170,858		141,889		20.4	%	330,937		330,143		0.2	%
Aircraft fuel, including taxes and delivery	83,840		7,003		1,097.2	%	131,576		120,481		9.2	%
Maintenance, materials and repairs	37,083		13,994		165.0	%	71,335		74,403		(4.1)	%
Aircraft and passenger servicing	25,730		3,036		747.5	%	42,981		41,319		4.0	%
Depreciation and amortization	35,113		39,333		(10.7)	%	70,469		78,782		(10.6)	%
Commissions and other selling	17,270		2,927		490.0	%	28,679		29,643		(3.3)	%
Aircraft rent	27,679		23,886		15.9	%	57,520		50,890		13.0	%
Other rentals and landing fees	27,339		13,677		99.9	%	47,007		43,443		8.2	%
Purchased services	23,771		19,887		19.5	%	47,868		54,128		(11.6)	%
Special items	8,983		34,014		(73.6)	%	8,983		160,918		(94.4)	%
Government grant recognition	(95,119)		(111,560)		(14.7)	%	(242,389)		(111,560)		117.3	%
Other	29,759		20,882		42.5	%	52,721		63,618		(17.1)	%
Total	392,306		208,968		87.7	%	647,687		936,208		(30.8)	%
Operating Income (Loss)	18,475		(148,964)		(112.4)	%	(54,689)		(317,060)		(82.8)	%
Nonoperating Income (Expense):
Interest expense and amortization of debt discounts and issuance costs	(30,315)		(8,221)				(54,008)		(15,016)
Interest income	1,345		2,766				2,594		5,786
Capitalized interest	776		921				1,460		1,752
Gains (losses) on fuel derivatives	—		(184)				217		(6,636)
Loss on extinguishment of debt	—		—				(3,994)		—
Other components of net periodic benefit cost	981		387				1,962		725
Other, net	444		774				21,340		2,740
Total	(26,769)		(3,557)				(30,429)		(10,649)
Loss Before Income Taxes	(8,294)		(152,521)				(85,118)		(327,709)
Income tax benefit	(2,117)		(45,617)				(18,250)		(76,433)
Net Loss	$	(6,177)	$	(106,904)			$	(66,868)	$	(251,276)
Net Loss Per Share
Basic	$	(0.12)	$	(2.33)			$	(1.33)	$	(5.47)
Diluted	$	(0.12)	$	(2.33)			$	(1.33)	$	(5.47)
Weighted Average Number of Common Stock Shares Outstanding:
Basic	51,156		45,971				50,319		45,969
Diluted	51,156		45,971				50,319		45,969

Hawaiian Holdings, Inc. Consolidated Balance Sheet (unaudited)

	June 30, 2021 (unaudited)		December 31, 2020
	(in thousands, except shares)
ASSETS
Current Assets:
Cash and cash equivalents	$	1,248,480	$	509,639
Restricted cash	31,820		—
Short-term investments	933,099		354,782
Accounts receivable, net	63,829		67,527
Income taxes receivable	94,508		95,002
Spare parts and supplies, net	35,439		35,442
Prepaid expenses and other	74,893		56,086
Total	2,482,068		1,118,478
Property and equipment, less accumulated depreciation and amortization of $963,989 and $894,519 as of June 30, 2021 and December 31, 2020, respectively	2,001,829		2,085,030
Other Assets:
Assets held for sale	29,542		—
Operating lease right-of-use assets	582,040		627,359
Long-term prepayments and other	107,157		133,663
Intangible assets, net	13,500		13,500
Total Assets	$	5,216,136	$	3,978,030
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	109,058	$	112,002
Air traffic liability and current frequent flyer deferred revenue	823,074		533,702
Other accrued liabilities	256,342		140,081
Current maturities of long-term debt, less discount	141,536		115,019
Current maturities of finance lease obligations	24,004		21,290
Current maturities of operating leases	82,574		82,454
Total	1,436,588		1,004,548
Long-Term Debt	1,887,541		1,034,805
Other Liabilities and Deferred Credits:
Noncurrent finance lease obligations	112,932		120,618
Noncurrent operating leases	461,822		503,376
Accumulated pension and other post-retirement benefit obligations	211,976		217,737
Other liabilities and deferred credits	83,022		78,908
Noncurrent frequent flyer deferred revenue	212,326		201,239
Deferred tax liability, net	199,455		216,642
Total	1,281,533		1,338,520
Commitments and Contingencies
Shareholders’ Equity:
Special preferred stock, $0.01 par value per share, three shares issued and outstanding as of June 30, 2021 and December 31, 2020	—		—
Common stock, $0.01 par value per share, 51,207,816 and 48,145,093 shares outstanding as of June 30, 2021 and December 31, 2020, respectively	512		481
Capital in excess of par value	265,654		188,593
Accumulated income	458,742		525,610
Accumulated other comprehensive loss, net	(114,434)		(114,527)
Total	610,474		600,157
Total Liabilities and Shareholders’ Equity	$	5,216,136	$	3,978,030

Hawaiian Holdings, Inc. Condensed Consolidated Statements of Cash Flows (unaudited)

	Six months ended June 30,
	2021		2020
	(in thousands)
Net cash provided by Operating Activities	$	417,277	$	3,458
Cash flows from Investing Activities:
Additions to property and equipment, including pre-delivery payments	(17,886)		(93,956)
Proceeds from the disposition of aircraft related equipment	117		—
Purchases of investments	(862,001)		(64,215)
Sales of investments	280,007		143,679
Net cash used in investing activities	(599,763)		(14,492)
Cash flows from Financing Activities:
Proceeds from the issuance of common stock	68,132		—
Long-term borrowings	1,251,705		283,964
Repayments of long-term debt and finance lease obligations	(342,151)		(39,129)
Dividend payments	—		(5,514)
Debt issuance costs	(24,664)		—
Repurchases of common stock	—		(7,510)
Payment for taxes withheld for stock compensation	(1,712)		(1,313)
Other	1,837		—
Net cash provided by financing activities	953,147		230,498
Net increase in cash and cash equivalents	770,661		219,464
Cash, cash equivalents, and restricted cash – Beginning of Period	509,639		373,056
Cash, cash equivalents, and restricted cash – End of Period	$	1,280,300	$	592,520

Table 2. Hawaiian Holdings, Inc. Selected Statistical Data (unaudited)
	Three months ended June 30,								Six months ended June 30,
	2021			2020			% Change		2021			2020			% Change
	(in thousands, except as otherwise indicated)
Scheduled Operations (a) :
Revenue passengers flown	1,723			182			846.7	%	2,456			2,542			(3.4)	%
Revenue passenger miles (RPM)	2,764,719			95,084			2,807.7	%	3,818,847			3,806,558			0.3	%
Available seat miles (ASM)	3,546,316			409,490			766.0	%	6,012,358			5,384,460			11.7	%
Passenger revenue per RPM (Yield)	12.89		¢	31.30		¢	(58.8)	%	12.93		¢	14.01		¢	(7.7)	%
Passenger load factor (RPM/ASM)	78.0		%	23.2		%	54.8	pts.	63.5		%	70.7		%	(7.2)	pts.
Passenger revenue per ASM (PRASM)	10.05		¢	7.27		¢	38.2	%	8.21		¢	9.90		¢	(17.1)	%
Total Operations (a) :
Revenue passengers flown	1,730			182			850.5	%	2,466			2,544			(3.1)	%
Revenue passenger miles (RPM)	2,789,129			95,084			2,833.3	%	3,851,446			3,809,858			1.1	%
Available seat miles (ASM)	3,586,928			409,490			776.0	%	6,068,574			5,389,019			12.6	%
Operating revenue per ASM (RASM)	11.45		¢	14.65		¢	(21.8)	%	9.77		¢	11.49		¢	(15.0)	%
Operating cost per ASM (CASM)	10.94		¢	51.03		¢	(78.6)	%	10.67		¢	17.37		¢	(38.6)	%
CASM excluding aircraft fuel and non-recurring items (b)	11.00		¢	68.26		¢	(83.9)	%	12.35		¢	14.22		¢	(13.2)	%
Aircraft fuel expense per ASM (c)	2.34		¢	1.70		¢	37.6	%	2.17		¢	2.23		¢	(2.7)	%
Revenue block hours operated	39,250			6,496			504.2	%	66,245			59,355			11.6	%
Gallons of jet fuel consumed	44,442			7,759			472.8	%	74,388			71,580			3.9	%
Average cost per gallon of jet fuel (actual) (c)	$	1.89		$	0.90		110.0	%	$	1.77		$	1.68		5.4	%
Economic fuel cost per gallon (c)(d)	$	1.89		$	1.26		50.0	%	$	1.77		$	1.76		0.6	%

(a)	Includes the operations of the Company’s contract carrier under a capacity purchase agreement.
(b)	See Table 4 for a reconciliation of GAAP operating expenses to operating expenses excluding aircraft fuel and non-recurring items.
(c)	Includes applicable taxes and fees.
(d)	See Table 3 for a reconciliation of GAAP fuel costs to economic fuel costs.

Table 3.

Hawaiian Holdings, Inc.

Economic Fuel Expense (unaudited)

The Company believes that economic fuel expense is a good measure of the effect of fuel prices on its business as it most closely approximates the net cash outflow associated with the purchase of fuel for its operations in a period. The Company defines economic fuel expense as GAAP fuel expense plus losses/(gains) realized through actual cash (receipts)/payments received from or paid to hedge counterparties for fuel hedge derivative contracts settled during the period.

	Three months ended June 30,						Six months ended June 30,
	2021		2020		% Change		2021		2020		% Change
	(in thousands, except per-gallon amounts)
Aircraft fuel expense, including taxes and delivery	$	83,840	$	7,003	1,097.2	%	$	131,576	$	120,481	9.2	%
Realized losses on settlement of fuel derivative contracts	—		2,751		(100.0)	%	165		5,837		(97.2)	%
Economic fuel expense	$	83,840	$	9,754	759.5	%	$	131,741	$	126,318	4.3	%
Fuel gallons consumed	44,442		7,759		472.8	%	74,388		71,580		3.9	%
Economic fuel costs per gallon	$	1.89	$	1.26	50.0	%	$	1.77	$	1.76	0.6	%

Table 4.

Hawaiian Holdings, Inc.

Non-GAAP Financial Reconciliation (unaudited)

The Company evaluates its financial performance utilizing various GAAP and non-GAAP financial measures, including net income (loss), operating expenses, diluted net income per share, CASM, PRASM, RASM, Passenger Revenue per RPM, EBITDA, and pre-tax margin. Pursuant to Regulation G, the Company has included the following reconciliation of reported non-GAAP financial measures to comparable financial measures reported on a GAAP basis. The adjustments are described below:

During the three and six months ended June 30, 2020, the effective tax rate included a tax benefit of $9.2 million and $23.4 million, respectively, resulting from the rate differential between the prevailing tax rate of 21% during the years that generated net operating losses and the previous tax rate of 35% that was in effect during the years to which net operating losses were carried back as a result of the enactment of the Coronavirus Aid Relief and Economic Security (CARES) Act.

During the three and six months ended June 30, 2020, the Company recognized $111.6 million in contra-expense related to grant proceeds under the PSP Extension Agreement. During the three and six months ended June 30, 2021, the Company recognized $95.1 million and $245.2 million, respectively in contra-expense related to grant proceeds under the PSP Extension Agreement. The grant proceeds were recognized in proportion to estimated wages and benefits expense over the period the PSP Extension Agreement covers. The Company expects to fully recognize the remaining grant proceeds by the end of the third quarter 2021.

Loss on extinguishment of debt is excluded to allow investors to better analyze our core operational performance and more readily compare our results to other airlines in the periods presented below.

Changes in fair value of fuel derivative contracts, net of tax, are based on market prices for open contracts as of the end of the reporting period, and include the unrealized amounts of fuel derivatives (not designated as hedges) that will settle in future periods and the reversal of prior period unrealized amounts.

Unrealized loss (gain) on foreign debt is based on fluctuation in exchange rates and the measurement of foreign-denominated debt to our functional currency.

Changes in fair value of foreign currency derivative contracts, net of tax, are based on market prices for open contracts as of the end of the reporting period, including the unrealized amounts of foreign currency derivatives (not designated as hedges) that will settle in future periods and the reversal of prior period unrealized amounts.

The Company recorded the following as special items:

During the three months ended March 31, 2020, a charge of $20.2 million was recorded for the ratification of a collective bargaining agreement with the Association of Flight Attendants in April 2020 (related to service prior to January 1, 2020).

During the three months ended March 31, 2020, a special charge of $106.7 million was recorded for goodwill impairment resulting from the decline in the market value of the Company’s equity (i.e., share price), and the Company’s inability to support the carrying value of goodwill on its financial statements.

During the three months ended June 30, 2021, a special charge of $9.0 million was recorded for the termination of the Company’s ‘Ohana by Hawaiian passenger and cargo operations, which operated under a Capacity Purchase Agreement (CPA) with a third party carrier. The charge included $6.4 million related to the write-down of the asset group and $2.6 million related to the early termination of the CPA.

During the six months ended June 30, 2020, the Company recorded special items of $34.0 million comprised of the following: (a) an impairment charge of $27.5 million to fair value the Company’s ATR-42 and ATR-72 fleets, (b) an impairment charge of $3.4 million to fair value the Company’s commercial real estate assets, and (c) an approximately $3.1 million write-off for discontinued software-related projects as a result of the COVID-19 pandemic.

The Company believes that adjusting for the impact of an effective tax rate differential, the recognition of grant proceeds, changes in fair value of fuel and foreign currency derivative contracts, fluctuations in exchange rates on debt instruments denominated in foreign currency, special items and the loss recognized on the extinguishment of debt helps investors better analyze the Company’s operational performance and compare its results to other airlines in the periods presented.

	Three months ended June 30,								Six months ended June 30,
	2021				2020				2021				2020
	Total		Diluted Net Loss Per Share		Total		Diluted Net Loss Per Share		Total		Diluted Net Loss Per Share		Total		Diluted Net Loss Per Share
	(in thousands, except per share data)
GAAP Net Loss, as reported	$	(6,177)	$	(0.12)	$	(106,904)	$	(2.33)	$	(66,868)	$	(1.33)	$	(251,276)	$	(5.47)
Adjusted for:
CARES Act carryback of additional NOLs	—		—		(9,238)		(0.20)		—		—		(23,394)		(0.51)
Government grant recognition	(95,119)		(1.86)		(111,560)		(2.43)		(242,389)		(4.82)		(111,560)		(2.43)
Loss on debt extinguishment	—		—		—		—		3,994		0.08		—		—
Changes in fair value of fuel derivative contracts	—		—		(2,567)		(0.06)		(382)		(0.01)		799		0.02
Unrealized (gains) losses on foreign debt	92		—		1,679		0.04		(18,951)		(0.38)		2,422		0.05
Unrealized (gains) losses on non-designated foreign exchange positions	397		0.01		612		0.01		(1,352)		(0.03)		(200)		—
Special items	8,983		0.18		34,014		0.74		8,983		0.18		160,918		3.50
Tax effect of adjustments	17,986		0.35		19,253		0.42		52,520		1.04		13,430		0.29
Adjusted net loss	$	(73,838)	$	(1.44)	$	(174,711)	$	(3.81)	$	(264,445)	$	(5.27)	$	(208,861)	$	(4.55)

	Three months ended June 30,								Six months ended June 30,
	2021				2020				2021				2020
	Total		Margin		Total		Margin		Total		Margin		Total		Margin
	(in thousands, except margin data)
Loss Before Income Taxes, as reported	$	(8,294)	(2.0)	%	$	(152,521)	(254.2)	%	$	(85,118)	(14.4)	%	$	(327,709)	(52.9)	%
Adjusted for:
Government grant recognition	(95,119)		(23.2)		(111,560)		(185.9)		(242,389)		(40.8)		(111,560)		(18.0)
Loss on debt extinguishment	—		—		—		—		3,994		0.7		—		—
Changes in fair value of fuel derivative contracts	—		—		(2,567)		(4.3)		(382)		(0.1)		799		0.1
Unrealized (gains) losses on foreign debt	92		—		1,679		2.8		(18,951)		(3.2)		2,422		0.3
Unrealized (gains) losses on non-designated foreign exchange positions	397		0.1		612		1.0		(1,352)		(0.2)		(200)		—
Special items	8,983		2.2		34,014		56.7		8,983		1.5		160,918		26.0
Adjusted Loss Before Income Taxes	$	(93,941)	(22.9)	%	$	(230,343)	(383.9)	%	$	(335,215)	(56.5)	%	$	(275,330)	(44.5)	%

Operating Costs per Available Seat Mile (CASM)
The Company has separately listed in the table below its fuel costs per ASM and non-GAAP unit costs, excluding fuel and non-recurring items. These amounts are included in CASM, but for internal purposes the Company consistently uses cost metrics that exclude fuel and non-recurring items (if applicable) to measure and monitor its costs.

	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
	(in thousands, except CASM data)
GAAP Operating Expenses	$	392,306		$	208,968		$	647,687		$	936,208
Adjusted for:
Government grant recognition	95,119			111,560			242,389			111,560
Special items	(8,983)			(34,014)			(8,983)			(160,918)
Operating Expenses excluding non-recurring items	$	478,442		$	286,514		$	881,093		$	886,850
Aircraft fuel, including taxes and delivery	(83,840)			(7,003)			(131,576)			(120,481)
Operating Expenses excluding fuel and non-recurring items	$	394,602		$	279,511		$	749,517		$	766,369
Available Seat Miles	3,586,928			409,490			6,068,574			5,389,019
CASM – GAAP	10.94		¢	51.03		¢	10.67		¢	17.37		¢
Aircraft fuel, including taxes and delivery	(2.34)			(1.70)			(2.17)			(2.23)
Government grant recognition	2.65			27.24			3.99			2.07
Special items	(0.25)			(8.31)			(0.14)			(2.99)
CASM excluding fuel and non-recurring items	11.00		¢	68.26		¢	12.35		¢	14.22		¢

Operating Expenses Excluding Non-recurring Items Outlook

The Company excludes non-recurring items from its operating expense outlook for the same reasons as described above.

	Estimated three months ending September 30, 2021
	(in thousands)
GAAP operating expenses	$	471,123	–	$	496,663
Adjusted for:
Non-recurring items	(78,000)		–	(78,000)
Operating expenses, excluding non-recurring items	$	549,123	–	$	574,663

Adjusted EBITDA

The Company believes that adjusting earnings for interest, taxes, depreciation and amortization, non-recurring operating expenses (such as changes in unrealized gains and losses on financial instruments) and one-time charges helps investors better analyze the Company’s financial performance by allowing for company-to-company and period-over-period comparisons that are unaffected by company-specific or one-time occurrences.

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(in thousands)
Net Loss	$	(6,177)	(106,904)		$	(66,868)	(251,276)
Income tax benefit	(2,117)		(45,617)		(18,250)		(76,433)
Depreciation and amortization	35,113		39,333		70,469		78,782
Interest expense and amortization of debt discounts and issuance costs	30,315		8,221		54,008		15,016
EBITDA, as reported	57,134		(104,967)		39,359		(233,911)
Adjusted for:
Government grant recognition	(95,119)		(111,560)		(242,389)		(111,560)
Changes in fair value of fuel derivative instruments	—		(2,567)		(382)		799
Unrealized gain on non-designated foreign exchange positions	397		612		(1,352)		(200)
Unrealized (gains) losses on foreign debt	92		1,679		(18,951)		2,422
Special items	8,983		34,014		8,983		160,918
Loss on extinguishment of debt	—		—		3,994		—
Adjusted EBITDA	$	(28,513)	$	(182,789)	$	(210,738)	$	(181,532)

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SOURCE Hawaiian Holdings, Inc.

July 27, 2021 4:04 pm

Eaton Vance New York Municipal Income Trust Announces Results of Special Meeting of Shareholders

PR Newswire

BOSTON, July 27, 2021 /PRNewswire/ — Eaton Vance New York Municipal Income Trust (NYSE American: EVY) (the “Fund”) announced today the results of the adjourned special meeting of shareholders held on July 27, 2021. Shareholders voted to approve the liquidation and termination of the Fund pursuant to the Plan of Liquidation and Termination adopted by the Fund’s Board of Trustees. Additional information regarding the Fund’s liquidation, including the planned timing, will be set forth in a future press release.

If you have any questions regarding the liquidation, please contact the Fund at 1-800-262-1122.

About the Fund

Eaton Vance applies in-depth fundamental analysis to the active management of equity, income, alternative and multi-asset strategies. Eaton Vance’s investment teams follow time-tested principles of investing that emphasize ongoing risk management, tax management (where applicable) and the pursuit of consistent long-term returns. The firm’s investment capabilities encompass the global capital markets. With a history dating back to 1924, Eaton Vance is headquartered in Boston and also maintains investment offices in New York, London, Tokyo and Singapore. For more information, visit evmanagement.com. Eaton Vance is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors’ expectations for future distribution changes, the clarity of the Fund’s investment strategy and future return expectations, and investors’ confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. The Fund is not a complete investment program and you may lose money investing therein. An investment in the Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully the Fund’s investment objective, strategies, risks, charges and expenses.

This press release is for informational purposes only and is not intended to, and does not, constitute an offer to purchase or sell shares of the Fund. Additional information about the Fund, including performance and portfolio characteristic information, is available at eatonvance.com.

Statements in this press release that are not historical facts may be forward-looking statements, as defined by the U.S. securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors that may be beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.

View original content:https://www.prnewswire.com/news-releases/eaton-vance-new-york-municipal-income-trust-announces-results-of-special-meeting-of-shareholders-301342499.html

SOURCE Eaton Vance Management

July 27, 2021 4:04 pm

First Bancorp Reports Second Quarter Results

PR Newswire

SOUTHERN PINES, N.C., July 27, 2021 /PRNewswire/ — First Bancorp (NASDAQ – FBNC), the parent company of First Bank, announced today net income of $29.3 million, or $1.03 per diluted common share, for the three months ended June 30, 2021, an increase of 83.9% on a per share basis, compared to $16.4 million, or $0.56 per diluted common share, recorded in the second quarter of 2020. For the six months ended June 30, 2021, the Company recorded net income of $57.5 million, or $2.02 per diluted common share, compared to $34.5 million, or $1.18 per diluted common share, for the six months ended June 30, 2020, an increase of 71.2%. The higher earnings for both periods in 2021 were primarily driven by lower credit costs compared to 2020.

In the second quarter of 2021, the Company experienced significant loan and deposit growth. Loan growth for the quarter, exclusive of $86 million of net PPP loan declines related to loan forgiveness, amounted to $244 million, an annualized growth rate of 22.3%. Deposit growth for the quarter was $438 million, an annualized growth rate of 26.0%.

Net Interest Income and Net Interest Margin

Net interest income for the second quarter of 2021 was $58.8 million, an 11.7% increase from the $52.6 million recorded in the second quarter of 2020. Net interest income for the first six months of 2021 was $114.0 million, a 6.2% increase from the $107.4 million recorded in the comparable period of 2020. The increases in net interest income were primarily due to higher levels of interest-earning assets, the recognition of PPP loan fees, and higher discount accretion, the effects of which were partially offset by lower net interest margins.

The Company’s net interest margin (a non-GAAP measure calculated by dividing tax-equivalent net interest income by average earning assets) for the second quarter of 2021 was 3.22%, which was 27 basis points lower than the 3.49% realized in the second quarter of 2020. For the six months ended June 30, 2021, the Company’s net interest margin was 3.24% compared to 3.71% for the same period of 2020. The declines in 2021 were primarily due to the impact of lower interest rates and the lower incremental reinvestment rates realized from funds provided by high deposit growth.

Driven by high deposit growth, average interest-earning assets increased by 22.1% in the first six months of 2021 compared to the first six months of 2020. The funds provided by the in-flow of deposits were used primarily to either purchase investment securities or were held in the Company’s account at the Federal Reserve Bank, each of which increased net interest income but negatively impacted the Company’s net interest margin. Additionally, in March 2020, the Federal Reserve decreased interest rates by 150 basis points, which negatively impacted the Company’s net interest margin beginning in the second quarter of 2020.

In the first six months of 2021, the Company processed $198 million in PPP loan forgiveness payments related to 2020 originations and also originated approximately $112 million in new PPP loans, which resulted in a remaining balance of total PPP loans of $156 million at June 30, 2021. Including accelerated amortization of deferred PPP loan fees, the Company recorded a total of $2.7 million and $5.7 million in PPP fee-related interest income during the three and six months ended June 30, 2021, respectively, compared to $1.3 million in fees recorded in the second quarter of 2020, with no such fees recorded in the first quarter of 2020. When these fees are combined with the note rate of 1.00%, the total yield on PPP loans was 6.35% for the second quarter of 2021 and 6.25% for the first half of 2021. At June 30, 2021, the Company has $6.2 million in remaining deferred PPP loan fees, of which $0.9 million relates to 2020 originations and $5.3 million relates to 2021 originations.

The Company recorded loan discount accretion of $3.6 million in the second quarter of 2021, compared to $1.4 million in the second quarter of 2020. For the six months ended June 30, 2021 and 2020, loan discount accretion amounted to $5.0 million and $3.2 million, respectively. In the second quarter of 2021, the Company accreted approximately $2.3 million of remaining discount accretion on five, former failed-bank loans, that paid off during the quarter. Loan discount accretion had a 20 basis point impact on the net interest margin in the second quarter of 2021 compared to a 9 basis point impact in the second quarter of 2020. For the first six months of 2021 and 2020, loan discount accretion had a 14 basis point impact and a 11 basis point impact, respectively, on the net interest margin.

Allowance for Loan Losses, Provisions for Loan Losses and Unfunded Commitments, and Asset Quality

On January 1, 2021, the Company adopted the Current Expected Credit Loss (CECL) methodology for estimating credit losses, which resulted in an adoption-date increase of $14.6 million in the Company’s allowance for loan losses and an increase of $7.5 million in the Company’s allowance for unfunded commitments. The tax-effected impact of those two items amounted to $17.1 million and was recorded as an adjustment to the Company’s retained earnings as of January 1, 2021.

The Company recorded no provision for loan losses for the three or six months ended June 30, 2021 compared to $19.3 million and $24.9 million in the comparable periods of 2020. The high provisions in 2020 were primarily related to estimated incurred losses associated with the pandemic that was emerging at the time. Under the CECL methodology for providing for loan losses, the Company determined that no provisions for loan losses were required during the first six months of 2021.

During the second quarter of 2021, using the CECL methodology, the Company recorded a $1.9 million in provision for unfunded commitments. The provision was recorded primarily due to an increase in construction and land development loan commitments during the second quarter of 2021 that had not been funded as of quarter end. The Company’s allowance for unfunded commitments at June 30, 2021 amounted to $10.0 million and is recorded within the line item “Other liabilities”.

Annualized net loan charge-offs to average loans amounted to 0.07% and 0.08% for the three and six months ended June 30, 2021 compared to 0.12% and 0.17% for the same periods of 2020, respectively.

Total nonperforming assets amounted to $42 million at June 30, 2021, or 0.51% of total assets, compared to $48 million, or 0.69% of total assets, at June 30, 2020. During the second quarter of 2021, the Company sold a nonaccrual relationship totaling $5.6 million that was primarily responsible for the decline in nonaccrual loans during the quarter.

Noninterest Income

Total noninterest income for the second quarter of 2021 was $21.4 million, an 18.4% decrease from the $26.2 million recorded for the second quarter of 2020. For the six months ended June 30, 2021 and 2020, total noninterest income was $42.0 million and $39.9 million, respectively.

Service charges on deposit accounts amounted to $2.8 million for the second quarter of 2021, a 23.4% increase over the $2.3 million for the second quarter of 2020, with the second quarter of 2020 having declined significantly from historical levels at the onset of the pandemic. For each of the six months ended June 30, 2021 and 2020, service charges on deposit accounts amounted to $5.6 million.

Other service charges, commissions and fees amounted to $6.5 million for the second quarter of 2021, an increase of 40.5% from the $4.6 million for the second quarter of 2020. For the six months ended June 30, 2021 and 2020, other service charges, commissions and fees amounted to $12.0 million and $8.7 million, respectively. The increase was primarily due to increases of $1.5 million and $2.3 million in bankcard revenue for the three and six months ended June 30, 2021 compared to the same periods in 2020, respectively. Additionally, the first quarter of 2020 included a $0.5 million charge related to impairment of the Company’s SBA servicing asset.

Fees from presold mortgages amounted to $2.3 million for the second quarter of 2021, a decrease of 24.7%, compared to $3.0 million in the second quarter of 2020. For the first six months of 2021 and 2020, fees from presold mortgages amounted to $6.8 million and $4.9 million, respectively. Mortgage loan volumes increased significantly beginning in the second quarter of 2020 at the onset of the pandemic primarily due to declines in interest rates. In the second quarter of 2021, mortgage loan volumes declined due to increases in mortgage interest rates.

SBA consulting fees amounted to $2.2 million for the second quarter of 2021, a decrease of 41.5%, compared to $3.7 million for the second quarter of 2020. In the second quarter of 2020, the Company’s SBA subsidiary, SBA Complete, earned significant fees related to assisting client banks with PPP loan originations, with a lower level of such assistance provided in the second quarter of 2021. For the six months ended June 30, 2021 and 2020, SBA consulting fees amounted to $5.0 million and $4.8 million, respectively. Including origination fees, on-going servicing fees and fees associated with forgiveness services, SBA Complete’s PPP fees amounted to $0.8 million in the second quarter of 2021 compared to $3.0 million for the second quarter of 2020, and $2.4 million for the first half of 2021 compared to $3.0 million for the first half of 2020. At June 30, 2021, SBA Complete had $0.4 million in remaining deferred PPP revenue that will be recorded as income upon completing the forgiveness process for its client banks.

SBA loan sale gains amounted to $3.0 million for the second quarter of 2021 compared to $2.0 million in the second quarter of 2020. For the first six months of 2021 and 2020, SBA loan sale gains amounted to $5.3 million and $2.6 million, respectively. The first quarter of 2020 was significantly impacted by temporary pandemic-related market conditions. The periods in 2021 were favorably impacted by the SBA increasing the marketable, guaranteed percentage on most loans from 75% to 90% as part of the economic relief package.

During the second quarter of 2020, the Company sold approximately $220 million in securities at a gain of $8.0 million, whereas there were no securities sales in 2021.

Other gains (losses) amounted to a gain of $1.5 million in the second quarter of 2021, primarily due to a $1.7 million gain related to the sale of the operations and substantially all of the assets of First Bank Insurance Services, as discussed below.

Noninterest Expenses

Noninterest expenses amounted to $41.0 million and $38.9 million in the second quarters of 2021 and 2020, respectively, and $81.1 million and $79.0 million for the first six months of 2021 and 2020, respectively. The 2021 periods include noninterest expenses related to the Company’s business financing subsidiary, which was acquired on September 1, 2020 and has a current annual expense base of approximately $1.4 million.

Merger expenses amounted to $0.4 million for the three and six months ended June 30, 2021, compared to none in 2020. As discussed below, on June 1, 2021, the Company announced an acquisition agreement with Select Bancorp, Inc.

Income Taxes

The Company’s effective tax rate was 21.3% and 20.7% for the three months ended June 30, 2021 and 2020, respectively, and 21.3% and 20.5% for the six months ended June 30, 2021 and 2020, respectively. The 2021 increases are due to higher proportions of fully-taxable income.

Balance Sheet and Capital

Total assets at June 30, 2021 amounted to $8.2 billion, a 19.0% increase from a year earlier. The growth was driven by an increase in deposits.

Loan growth for the second quarter of 2021, exclusive of $86 million of net PPP loan declines related to forgiveness, amounted to $244 million, an annualized growth rate of 22.3%. Total loans amounted to $4.8 billion at June 30, 2021, an increase of $12 million, or 0.3% from June 30, 2020. Excluding PPP loans, the Company’s level of outstanding loans has been impacted by high mortgage loan refinancing activity, commercial loan payoffs, and until recently, lower demand resulting from the pandemic.

Deposit growth during the second quarter of 2021 totaled $438 million, an annualized growth rate of 26.0%. Total deposits amounted to $7.2 billion at June 30, 2021, an increase of $1.3 billion, or 23.0%, from June 30, 2020. The high deposit growth is believed to be due to a combination of stimulus funds and changes in customer behaviors during the pandemic, as well as ongoing growth initiatives by the Company.

The Company has deployed excess liquidity into investment securities, which amounted to $2.4 billion at June 30, 2021, an increase of $1.5 billion, or 173.6%, compared to a year earlier. Additionally, the Company’s borrowing levels have been reduced by $51 million, or 45.4%, since June 30, 2020.

The Company remains well-capitalized by all regulatory standards, with an estimated Total Risk-Based Capital Ratio at June 30, 2021 of 15.27%, an increase from the 15.13% reported at June 30, 2020. The Company’s tangible common equity to tangible assets ratio was 8.31% at June 30, 2021, a decrease of 101 basis points from a year earlier, with the decline being impacted by the high balance sheet growth experienced.

Comments of the CEO and Other Business Matters

Richard H. Moore, CEO of First Bancorp, commented, “Today’s earnings report reflects another strong quarter for our company. We achieved a high level of profitability with good balance sheet growth and capital levels remain strong.” Mr. Moore continued, “We are excited about our pending acquisition of Select Bancorp and look forward to welcoming new employees and customers to First Bank.”

The following is additional discussion of business development and other matters affecting the Company during the second quarter of 2021:

On June 1, 2021, the Company announced that it had reached an agreement to acquire Select Bancorp, Inc., headquartered in Dunn, North Carolina, which operates 22 branches and has $1.8 billion in assets. This transaction is subject to regulatory and shareholder approval, and is expected to be completed during the fourth quarter of 2021.
On June 30, 2021, the Company completed the sale of the operations and substantially all of the operating assets of its property and casualty insurance agency subsidiary, First Bank Insurance Services, to Bankers Insurance, LLC for an initial purchase price valued at $13.0 million and a future earn-out payment of up to $1.0 million. The Company recorded a gain of $1.7 million related to the sale. Approximately $10.2 million of intangible assets were derecognized from the Company’s balance sheet as a result of this transaction.
On June 15, 2021, the Company announced a quarterly cash dividend of $0.20 per share payable on July 25, 2021 to shareholders of record on June 30, 2021. This dividend rate represents an 11.1% increase over the dividend rate declared in the second quarter of 2020.

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina, with total assets of approximately $8.2 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 101 branches in North Carolina and South Carolina. First Bank also provides SBA loans to customers through its nationwide network of lenders – for more information on First Bank’s SBA lending capabilities, please visit www.firstbanksba.com. First Bancorp’s common stock is traded on The NASDAQ Global Select Market under the symbol “FBNC.”

Please visit our website at www.LocalFirstBank.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties. Forward-looking statements are statements that include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often characterized by the use of qualifying words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” or other words or phrases concerning opinions or judgments of the Company and its management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company’s customers, the Company’s level of success in integrating acquisitions, actions of government regulators, the level of market interest rates, and general economic conditions. For additional information about the factors that could affect the matters discussed in this paragraph, see the “Risk Factors” section of the Company’s most recent annual report on Form 10-K available at www.sec.gov. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements. The Company is also not responsible for changes made to this press release by wire services, internet services or other media.

Additional Information About the Proposed Transaction with Select Bancorp, Inc. and Where to Find It

This communication includes statements made in respect of the proposed merger involving First Bancorp and Select Bancorp, Inc. (“Select”). This material is not a solicitation of any vote or approval of First Bancorp’s or Select’s shareholders and is not a substitute for the joint proxy statement/prospectus or any other documents which First Bancorp and Select will send to their respective shareholders in connection with the proposed merger. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities.

In connection with the proposed merger, First Bancorp has filed with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 that includes a joint proxy statement of First Bancorp and Select and a prospectus of First Bancorp, as well as other relevant documents concerning the proposed merger. Investors and security holders are urged to carefully review and consider each of First Bancorp’s and Select’s public filings with the SEC, including but not limited to their Annual Reports on Form 10-K, their proxy statements, their Current Reports on Form 8-K and their Quarterly Reports on Form 10-Q. Both Select and First Bancorp will mail the joint proxy statement/prospectus to their respective shareholders. BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS, INVESTORS AND SHAREHOLDERS OF FIRST BANCORP AND SELECT ARE URGED TO CAREFULLY READ THE ENTIRE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus (when available) and other filings containing information about First Bancorp and Select at the SEC’s website at www.sec.gov. Investors and security holders may also obtain free copies of the documents filed with the SEC by First Bancorp on its website at http://www.localfirstbank.com and by Select on its website at http://www.selectbank.com.

First Bancorp, Select and certain of their respective directors and executive officers, under the SEC’s rules, may be deemed to be participants in the solicitation of proxies of First Bancorp’s and Select’s shareholders in connection with the proposed merger. Information about the directors and executive officers of First Bancorp and their ownership of First Bancorp common stock is set forth in the proxy statement for First Bancorp’s 2021 Annual Meeting of Shareholders, as filed with the SEC on Schedule 14A on March 23, 2021. Information about the directors and executive officers of Select and their ownership of Select’s common stock is set forth in the proxy statement for Select’s 2021 Annual Meeting of Shareholders, as filed with the SEC on a Schedule 14A on April 6, 2021. Additional information regarding the interests of those participants and other persons who may be deemed participants in the merger may be obtained by reading the joint proxy statement/prospectus regarding the proposed merger when it becomes available. Free copies of this document may be obtained as described in the preceding paragraph.

First Bancorp and Subsidiaries Financial Summary – Page 1

	Three Months Ended June 30,			Percent
($ in thousands except per share data – unaudited)	2021		2020	Change
INCOME STATEMENT
Interest income
Interest and fees on loans	$	52,295	51,964
Interest on investment securities	8,263		4,888
Other interest income	581		788
Total interest income	61,139		57,640	6.1%
Interest expense
Interest on deposits	1,999		4,074
Interest on borrowings	381		942
Total interest expense	2,380		5,016	(52.6)%
Net interest income	58,759		52,624	11.7%
Provision for loan losses	—		19,298	(100.0)%
Provision for unfunded commitments	1,939		—	n/m
Total provisions for credit losses	1,939		19,298	(90.0)%
Net interest income after provisions for credit losses	56,820		33,326	70.5%
Noninterest income
Service charges on deposit accounts	2,824		2,289
Other service charges, commissions, and fees	6,496		4,624
Fees from presold mortgage loans	2,274		3,020
Commissions from sales of insurance and financial products	2,466		2,090
SBA consulting fees	2,187		3,739
SBA loan sale gains	2,996		1,965
Bank-owned life insurance income	614		629
Securities gains (losses), net	—		8,024
Other gains (losses), net	1,517		(187)
Total noninterest income	21,374		26,193	(18.4)%
Noninterest expenses
Salaries expense	21,187		20,606
Employee benefit expense	4,084		3,847
Occupancy and equipment related expense	3,721		3,744
Merger and acquisition expenses	411		—
Intangibles amortization expense	845		978
Foreclosed property losses (gains), net	(173)		35
Other operating expenses	10,910		9,691
Total noninterest expenses	40,985		38,901	5.4%
Income before income taxes	37,209		20,618	80.5%
Income tax expense	7,924		4,266	85.7%
Net income	$	29,285	16,352	79.1%

Earnings per common share – diluted	$	1.03	0.56	83.9%

ADDITIONAL INCOME STATEMENT INFORMATION
Net interest income, as reported	$	58,759	52,624
Tax-equivalent adjustment (1)	517		330
Net interest income, tax-equivalent	$	59,276	52,954	11.9%

(1)	This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax- exempt status. This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense.

	n/m – not meaningful

First Bancorp and Subsidiaries Financial Summary – Page 2

	Six Months Ended June 30,			Percent
($ in thousands except per share data – unaudited)	2021		2020	Change
INCOME STATEMENT
Interest income
Interest and fees on loans	$	103,368	107,261
Interest on investment securities	14,499		10,526
Other interest income	1,281		1,886
Total interest income	119,148		119,673	(0.4)%
Interest expense
Interest on deposits	4,387		9,847
Interest on borrowings	764		2,443
Total interest expense	5,151		12,290	(58.1)%
Net interest income	113,997		107,383	6.2%
Provision for loan losses	—		24,888	(100.0)%
Provision for unfunded commitments	1,939		—	n/m
Total provisions for credit losses	1,939		24,888	(92.5)%
Net interest income after provisions for credit losses	112,058		82,495	35.8%
Noninterest income
Service charges on deposit accounts	5,557		5,626
Other service charges, commissions, and fees	12,018		8,693
Fees from presold mortgage loans	6,818		4,861
Commissions from sales of insurance and financial products	4,656		4,158
SBA consulting fees	4,951		4,766
SBA loan sale gains	5,326		2,612
Bank-owned life insurance income	1,234		1,271
Securities gains (losses), net	—		8,024
Other gains (losses), net	1,483		(113)
Total noninterest income	42,043		39,898	5.4%
Noninterest expenses
Salaries expense	41,318		40,716
Employee benefit expense	8,658		8,394
Occupancy and equipment related expense	7,670		7,847
Merger and acquisition expenses	411		—
Intangibles amortization expense	1,742		2,033
Foreclosed property losses (gains), net	(16)		194
Other operating expenses	21,267		19,793
Total noninterest expenses	81,050		78,977	2.6%
Income before income taxes	73,051		43,416	68.3%
Income tax expense	15,572		8,884	75.3%
Net income	$	57,479	34,532	66.5%

Earnings per common share – diluted	$	2.02	1.18	71.2%

ADDITIONAL INCOME STATEMENT INFORMATION
Net interest income, as reported	$	113,997	107,383
Tax-equivalent adjustment (1)	959		664
Net interest income, tax-equivalent	$	114,956	108,047	6.4%

(1)	This amount reflects the tax benefit that the Company receives related to its tax-exempt loans and securities, which carry interest rates lower than similar taxable investments due to their tax- exempt status. This amount has been computed assuming a 23% tax rate and is reduced by the related nondeductible portion of interest expense.

	n/m – not meaningful

First Bancorp and Subsidiaries Financial Summary – Page 3

	Three Months Ended June 30,					Six Months Ended June 30,
PERFORMANCE RATIOS (annualized)	2021			2020		2021		2020
Return on average assets (1)	1.47		%	0.98	%	1.50	%	1.08	%
Return on average common equity (2)	13.14		%	7.55	%	13.03	%	8.03	%
Net interest margin – tax-equivalent (3)	3.22		%	3.49	%	3.24	%	3.71	%
Net (recoveries) charge-offs to average loans	0.07		%	0.12	%	0.08	%	0.17	%

COMMON SHARE DATA
Cash dividends declared – common	$	0.20		0.18		0.40		0.36
Stated book value – common	31.75			29.95		31.75		29.95
Tangible book value – common (non-GAAP)	23.22			21.36		23.22		21.36
Common shares outstanding at end of period	28,491,633			28,976,681		28,491,633		28,976,681
Weighted average shares outstanding – diluted	28,490,031			28,969,728		28,513,942		29,184,421

CAPITAL RATIOS
Tangible common equity to tangible assets (non-GAAP)	8.31		%	9.32	%	8.31	%	9.32	%
Common equity tier I capital ratio – estimated	13.01		%	13.10	%	13.01	%	13.10	%
Tier I leverage ratio – estimated	9.43		%	10.29	%	9.43	%	10.29	%
Tier I risk-based capital ratio – estimated	14.02		%	14.21	%	14.02	%	14.21	%
Total risk-based capital ratio – estimated	15.27		%	15.13	%	15.27	%	15.13	%

AVERAGE BALANCES ($ in thousands)
Total assets	$	7,965,781		6,727,762		7,723,284		6,455,591
Loans	4,679,119			4,738,702		4,681,604		4,625,798
Earning assets	7,386,607			6,102,012		7,143,841		5,848,974
Deposits	6,951,524			5,502,356		6,714,168		5,226,331
Interest-bearing liabilities	4,443,875			3,885,903		4,339,386		3,812,685
Shareholders’ equity	893,978			871,495		889,865		865,124


(1)	Calculated by dividing annualized net income by average assets.
(2)	Calculated by dividing annualized net income by average common equity.
(3)	See note 1 on the first page of the Financial Summary for discussion of tax-equivalent adjustments.

_____________________________________________________________________________________________

TREND INFORMATION

($ in thousands except per share data)	For the Three Months Ended
INCOME STATEMENT	June 30, 2021		Mar. 31, 2021	Dec. 31, 2020	Sept. 30, 2020	June 30, 2020

Net interest income – tax-equivalent (1)	$	59,276	55,681	56,463	55,080	52,954
Taxable equivalent adjustment (1)	517		443	457	347	330
Net interest income	58,759		55,238	56,006	54,733	52,624
Provision for loan losses	—		—	4,031	6,120	19,298
Provision for unfunded commitments	1,939		—	—	—	—
Noninterest income	21,374		20,669	19,996	21,452	26,193
Noninterest expense	40,985		40,065	41,882	40,439	38,901
Income before income taxes	37,209		35,842	30,089	29,626	20,618
Income tax expense	7,924		7,648	6,441	6,329	4,266
Net income	29,285		28,194	23,648	23,297	16,352

Earnings per common share – diluted	1.03		0.99	0.83	0.81	0.56

Cash dividends declared per share	0.20		0.20	0.18	0.18	0.18


(1)	See note 1 on the first page of this Financial Summary for discussion of tax-equivalent adjustments.

First Bancorp and Subsidiaries Financial Summary – Page 4

CONSOLIDATED BALANCE SHEETS ($ in thousands – unaudited)
	At June 30, 2021		At Mar. 31, 2021	At Dec. 31, 2020	At June 30, 2020	One Year Change
Assets
Cash and due from banks	$	83,851	71,206	93,724	94,684	(11.4)	%
Interest-bearing deposits with banks	391,375		458,860	273,566	584,830	(33.1)	%
Total cash and cash equivalents	475,226		530,066	367,290	679,514	(30.1)	%

Investment securities	2,406,881		2,020,540	1,620,683	879,756	173.6	%
Presold mortgages	13,762		31,869	42,271	31,015	(55.6)	%
SBA loans held for sale	5,480		7,002	6,077	3,382	62.0	%

Total loans	4,782,064		4,624,054	4,731,315	4,770,063	0.3	%
Allowance for loan losses	(65,022)		(65,849)	(52,388)	(42,342)	53.6	%
Net loans	4,717,042		4,558,205	4,678,927	4,727,721	(0.2)	%

Premises and equipment	123,395		123,271	120,502	115,373	7.0	%
Operating right-of-use lease assets	16,432		16,899	17,514	18,833	(12.7)	%
Intangible assets	242,968		253,878	254,638	248,840	(2.4)	%
Foreclosed real estate	826		1,811	2,424	2,987	(72.3)	%
Bank-owned life insurance	108,209		107,594	106,974	105,712	2.4	%
Other assets	90,361		85,259	72,451	75,462	19.7	%
Total assets	$	8,200,582	7,736,394	7,289,751	6,888,595	19.0	%

Liabilities
Deposits:
Noninterest-bearing checking accounts	$	2,651,143	2,430,198	2,210,012	2,041,778	29.8	%
Interest-bearing checking accounts	1,378,865		1,258,500	1,172,022	1,112,625	23.9	%
Money market accounts	1,820,475		1,721,230	1,581,364	1,353,053	34.5	%
Savings accounts	593,629		567,715	519,266	474,455	25.1	%
Brokered deposits	9,470		9,461	20,222	64,069	(85.2)	%
Internet time deposits	—		249	249	698	(100.0)	%
Other time deposits > $100,000	501,252		525,809	543,894	545,370	(8.1)	%
Other time deposits	216,524		220,325	226,567	239,090	(9.4)	%
Total deposits	7,171,358		6,733,487	6,273,596	5,831,138	23.0	%

Borrowings	61,252		61,342	61,829	112,199	(45.4)	%
Operating lease liabilities	16,893		17,354	17,868	19,109	(11.6)	%
Other liabilities	46,569		47,358	43,037	58,258	(20.1)	%
Total liabilities	7,296,072		6,859,541	6,396,330	6,020,704	21.2	%

Shareholders’ equity
Common stock	397,704		397,094	400,582	408,699	(2.7)	%
Retained earnings	507,531		483,944	478,489	441,846	14.9	%
Stock in rabbi trust assumed in acquisition	(1,928)		(2,256)	(2,243)	(2,217)	(13.0)	%
Rabbi trust obligation	1,928		2,256	2,243	2,217	(13.0)	%
Accumulated other comprehensive income (loss)	(725)		(4,185)	14,350	17,346	(104.2)	%
Total shareholders’ equity	904,510		876,853	893,421	867,891	4.2	%
Total liabilities and shareholders’ equity	$	8,200,582	7,736,394	7,289,751	6,888,595	19.0	%

First Bancorp and Subsidiaries Financial Summary – Page 5

	For the Three Months Ended
YIELD INFORMATION	June 30, 2021		Mar. 31, 2021		Dec. 31, 2020		Sept. 30, 2020		June 30, 2020

Yield on loans	4.48	%	4.42	%	4.42	%	4.38	%	4.41	%
Yield on securities	1.45	%	1.47	%	1.62	%	2.02	%	2.49	%
Yield on other earning assets	0.56	%	0.57	%	0.57	%	0.64	%	0.55	%
Yield on all interest-earning assets	3.32	%	3.41	%	3.55	%	3.71	%	3.80	%

Rate on interest bearing deposits	0.18	%	0.23	%	0.29	%	0.37	%	0.46	%
Rate on other interest-bearing liabilities	2.49	%	2.53	%	2.55	%	2.06	%	1.31	%
Rate on all interest-bearing liabilities	0.21	%	0.27	%	0.32	%	0.41	%	0.52	%
Total cost of funds	0.14	%	0.17	%	0.21	%	0.26	%	0.35	%

Net interest margin (1)	3.19	%	3.25	%	3.35	%	3.46	%	3.47	%

Net interest margin – tax-equivalent (2)	3.22	%	3.27	%	3.38	%	3.48	%	3.49	%

Average prime rate	3.25	%	3.25	%	3.25	%	3.25	%	3.25	%


(1)	Calculated by dividing annualized net interest income by average earning assets for the period.
(2)	Calculated by dividing annualized tax-equivalent net interest income by average earning assets for the period. See note 1 on the first page of this Financial Summary for discussion of tax- equivalent adjustments.

______________________________________________________________________________________________________

	For the Three Months Ended
NET INTEREST INCOME PURCHASE ACCOUNTING ADJUSTMENTS ($ in thousands)	June 30, 2021		Mar. 31, 2021	Dec. 31, 2020	Sept. 30, 2020	June 30, 2020

Interest income – increased by accretion of loan discount on acquired loans	$	2,913	752	802	972	802
Interest income – increased by accretion of loan discount on retained portions of SBA loans	718		589	737	583	591
Interest expense – reduced by premium amortization of deposits	11		15	19	23	26
Interest expense – increased by discount accretion of borrowings	(44)		(44)	(45)	(45)	(45)
Impact on net interest income	$	3,598	1,312	1,513	1,533	1,374

First Bancorp and Subsidiaries Financial Summary – Page 6

ASSET QUALITY DATA ($ in thousands)	June 30, 2021			Mar. 31, 2021		Dec. 31, 2020		Sept. 30, 2020		June 30, 2020

Nonperforming assets
Nonaccrual loans	$	32,993		39,566		35,076		31,656		34,922
Troubled debt restructurings – accruing	8,026			8,601		9,497		9,896		9,867
Accruing loans > 90 days past due	—			—		—		—		—
Total nonperforming loans	41,019			48,167		44,573		41,552		44,789
Foreclosed real estate	826			1,811		2,424		2,741		2,987
Total nonperforming assets	$	41,845		49,978		46,997		44,293		47,776
Purchased credit deteriorated loans (1)	$	8,291		8,437		8,591		9,616		9,742
Asset Quality Ratios
Net quarterly (recoveries) charge-offs to average loans – annualized	0.07		%	0.10	%	0.07	%	(0.06)	%	0.12	%
Nonperforming loans to total loans	0.86		%	1.04	%	0.94	%	0.86	%	0.94	%
Nonperforming assets to total assets	0.51		%	0.65	%	0.64	%	0.63	%	0.69	%
Allowance for loan losses to total loans	1.36		%	1.42	%	1.11	%	1.02	%	0.89	%
Allowance for loan losses to total loans, excluding PPP loans	1.41		%	1.50	%	1.17	%	1.08	%	0.94	%

(1)

In the March 3, 2017 acquisition of Carolina Bank and the October 1, 2017 acquisition of Asheville Savings Bank, the Company acquired $19.3 million and $9.9 million, respectively, in purchased
credit deteriorated loans in accordance with ASC 310-30 accounting guidance. Prior to the Company’s January 1, 2021 adoption of ASC 326 (CECL), these loans were appropriately excluded from the
nonperforming loan amounts presented, regardless of nonperforming status. At June 30, 2021, approximately $0.5 million of purchased credit deteriorated loans are included in the nonaccrual loan
amount.

First Bancorp and Subsidiaries Financial Summary – Page 7

	For the Three Months Ended
NET INTEREST MARGIN, EXCLUDING LOAN DISCOUNT ACCRETION – RECONCILIATION ($ in thousands)	June 30, 2021			Mar. 31, 2021		Dec. 31, 2020		Sept. 30, 2020		June 30, 2020

Net interest income, as reported	$	58,759		55,238		56,006		54,733		52,624
Tax-equivalent adjustment	517			443		457		347		330
Net interest income, tax-equivalent (A)	$	59,276		55,681		56,463		55,080		52,954
Average earning assets (B)	$	7,386,607		6,898,406		6,640,732		6,294,556		6,102,012
Tax-equivalent net interest margin, annualized – as reported – (A)/(B)	3.22		%	3.27	%	3.38	%	3.48	%	3.49	%

Net interest income, tax-equivalent	$	59,276		55,681		56,463		55,080		52,954
Loan discount accretion	3,631			1,341		1,539		1,555		1,393
Net interest income, tax-equivalent, excluding loan discount accretion (C)	$	55,645		54,340		54,924		53,525		51,561
Average earnings assets (D)	$	7,386,607		6,898,406		6,640,732		6,294,556		6,102,012
Tax-equivalent net interest margin, excluding impact of loan discount accretion, annualized – (C) / (D)	3.02		%	3.19	%	3.29	%	3.38	%	3.40	%

Note: The measure “tax-equivalent net interest margin, excluding impact of loan discount accretion” is a non-GAAP performance measure. Management of the Company believes that it is useful to calculate and present the Company’s net interest margin without the impact of loan discount accretion for the reasons explained in the remainder of this Note. Loan discount accretion is a non-cash interest income adjustment that is related to 1) the Company’s acquisition of loans and represents the portion of the fair value discount that was initially recorded on the acquired loans, and 2) the Company’s origination of SBA loans and the subsequent sale of the guaranteed portions of the loans that results in a discount being recorded on the retained portion of the loans. These discounts are recognized into income over the lives of the loans. At June 30, 2021, the Company had a remaining loan discount balance on acquired loans of $5.3 million compared to $10.6 million at June 30, 2020. At June 30, 2021, the Company had a remaining loan discount balance on SBA loans of $7.0 million compared to $6.8 million at June 30, 2020. For the related loans that perform and pay down over time, the loan discount will also be reduced, with a corresponding increase to interest income. Therefore, management of the Company believes it is useful to also present this ratio to reflect the Company’s net interest margin excluding this non-cash, temporary loan discount accretion adjustment to aid investors in comparing financial results between periods. The Company cautions that non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results.

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SOURCE First Bancorp

July 27, 2021 4:04 pm

Calyxt Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

PR Newswire

ROSEVILLE, Minn., July 27, 2021 /PRNewswire/ — Calyxt, Inc. (NASDAQ: CLXT), a plant-based biotechnology platform company, today announced that, in accordance with the offer letter entered into on July 15, 2021, it has granted, effective July 27, 2021 (the “Grant Date”), an inducement award to Michael A. Carr, Calyxt’s newly appointed President and Chief Executive Officer.

Mr. Carr received an award of performance stock units (“PSUs”) to acquire up to 600,000 shares of Calyxt’s common stock. The PSUs will vest based on Calyxt’s achievement for a period of 30 consecutive calendar days of specified trading price levels during a three-year performance period following the Grant Date (300,000 shares for a $12.00 price level, an additional 150,000 shares for a $15.00 price level and an additional 150,000 shares for a $20.00 price level).

The PSUs were granted outside of the Calyxt, Inc. 2017 Omnibus Incentive Plan (the “Omnibus Plan”) pursuant to a newly-adopted Calyxt, Inc. 2021 Employee Inducement Incentive Plan (the “Inducement Plan”), which generally has terms and conditions consistent with those set forth in the Omnibus Plan. Mr. Carr will be the only participant in the Inducement Plan, and the PSUs awarded to Mr. Carr are the only awards that will be granted under the Inducement Plan.

The PSUs were granted as an inducement material to Mr. Carr’s entry into employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4) and were approved by Calyxt’s independent directors.

About Calyxt

Calyxt (NASDAQ: CLXT) is a plant-based biotechnology platform company focused on delivering innovations that revolutionize how the world uses plants. Calyxt uses its advanced plant biotechnology platform to develop sustainable products and technologies for world-class customers and partners. For more information, go to www.calyxt.com.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “anticipates,” “believes,” “continue,” “estimates,” “expects,” “targets,” “intends,” “may,” “might,” “plans,” “potential,” “predicts,” “projects,” “should,” or “will,” the negative of these terms and other similar terminology. Forward-looking statements in this press release include statements about the advancement of Calyxt’s business and industry leadership and the advancement and monetization of Calyxt’s technologies under Mr. Carr’s leadership. These and other forward-looking statements are predictions and projections about future events and trends based on our current expectations, objectives and intentions and premised on current assumptions. Our actual results, level of activity, performance, or achievements could be materially different than those expressed, implied, or anticipated by forward-looking statements due to a variety of factors, including, but not limited to: the severity and duration of the evolving COVID-19 pandemic and the resulting impact on macro-economic conditions; the impact of increased competition; disruptions at our or our collaborators’ key facilities; changes in customer preferences and market acceptance of our or our partners’ products; competition for collaboration partners and licensees and the successful execution of collaborations and licensing agreements; the impact of adverse events during development; the impact of improper handling of our product candidates by unaffiliated third parties during development; failures by third-party contractors; inaccurate demand forecasting; the effectiveness of commercialization efforts by commercial partners or licensees; our ability to collect accounts receivable; commodity price conditions; the impact of changes or increases in oversight and regulation; disputes or challenges regarding intellectual property; proliferation and continuous evolution of new technologies; management changes; dislocations in the capital markets; and other important factors discussed under the caption entitled “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent filings on Form 10-Q or 8-K with the U.S. Securities and Exchange Commission.

Any forward-looking statements made by us are based only on information currently available to us when, and speaks only as of the date, such statement is made. Except as otherwise required by securities and other applicable laws we do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change.

CONTACTS:

Calyxt Media Contact:

Patrick Milan

TUNHEIM
+1 (612) 695-1369
[email protected]

Calyxt Investor Relations Contact:

Heather Savelle

Sherri Spear

Argot Partners
+1 (212) 600-1902
[email protected]

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SOURCE Calyxt, Inc.

July 27, 2021 4:04 pm

Curis to Release Second Quarter 2021 Financial Results and Hold Conference Call on August 3, 2021

PR Newswire

LEXINGTON, Mass., July 27, 2021 /PRNewswire/ — Curis, Inc. (NASDAQ: CRIS), a biotechnology company focused on the development of innovative therapeutics for the treatment of cancer, today announced that the Company will release its second quarter 2021 financial results on Tuesday, August 3, 2021, after the close of US markets. Management will host a conference call on the same day at 4:30 pm ET.

To access the live conference call, please dial (888) 346-6389 from the United States or (412) 317-5252 from other locations, shortly before 4:30 pm ET. The conference call can also be accessed on the Curis website at www.curis.com in the ‘Investors’ section. A replay of the financial results conference call will be available on the Curis website shortly after completion of the call.

About Curis, Inc.

Curis is a biotechnology company focused on the development of innovative therapeutics for the treatment of cancer. In 2015, Curis entered into a collaboration with Aurigene in the areas of immuno-oncology and precision oncology. As part of this collaboration, Curis has exclusive licenses to oral small molecule antagonists of immune checkpoints including the VISTA/PDL1 antagonist CA-170, and the TIM3/PDL1 antagonist CA-327, as well as the IRAK4 kinase inhibitor, CA-4948. CA-4948 is currently undergoing testing in a Phase 1/2 trial in patients with non-Hodgkin lymphoma both as a monotherapy and in combination with BTK inhibitor ibrutinib. Curis is also evaluating CA-4948 in a Phase 1/2 trial in patients with acute myeloid leukemia and myelodysplastic syndromes, for which it has received Orphan Drug Designation from the U.S. Food and Drug Administration. In addition, Curis is engaged in a collaboration with ImmuNext for development of CI-8993, a monoclonal anti-VISTA antibody, which is currently undergoing testing in a Phase 1 trial in patients with solid tumors. Curis is also party to a collaboration with Genentech, a member of the Roche Group, under which Genentech and Roche are commercializing Erivedge^® for the treatment of advanced basal cell carcinoma. For more information, visit Curis’s website at www.curis.com.

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SOURCE Curis, Inc.

July 27, 2021 4:04 pm

Inari Medical to Announce Second Quarter 2021 Financial Results

IRVINE, Calif., July 27, 2021 (GLOBE NEWSWIRE) — Inari Medical, Inc. (NASDAQ: NARI) (“Inari”), a commercial-stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases, announced today it will release its second quarter financial results on Tuesday, August 10, 2021. In conjunction with the release, Inari will host a conference call and webcast at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to discuss its financial results and recent highlights.

Interested parties may access the live call via telephone by dialing (833)-519-1265 for domestic callers or (914)-800-3838 for international callers, using conference ID: 1160795. The live webinar of the call may be accessed by visiting the Events Section of the Inari investor relations website at ir.inarimedical.com. A replay of the webinar will be available shortly after the conclusion of the call and will be archived on Inari’s website.

About Inari Medical, Inc.

Inari Medical, Inc. is a commercial-stage medical device company focused on developing products to treat and transform the lives of patients suffering from venous diseases. Inari has developed two minimally-invasive, novel catheter-based mechanical thrombectomy devices that are designed to remove large clots from large vessels and eliminate the need for thrombolytic drugs. The company purpose-built its products for the specific characteristics of the venous system and the treatment of the two distinct manifestations of venous thromboembolism, or VTE: deep vein thrombosis and pulmonary embolism. The ClotTriever system is 510(k)-cleared by the FDA and CE Mark approved for the treatment of deep vein thrombosis. The FlowTriever system is 510(k)-cleared by the FDA and CE Mark approved for the treatment of pulmonary embolism and clot in transit in the right atrium.

Investor Contact:

Westwicke Partners
Caroline Corner
Phone +1-415-202-5678
[email protected]

July 27, 2021 4:04 pm

Enovix to Release Second Quarter 2021 Financial Results on August 10, 2021

FREMONT, Calif., July 27, 2021 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX, ENVXW), the leader in the design and manufacture of next generation 3D Silicon™ Lithium-ion batteries, today announced it will release its second quarter fiscal year 2021 financial results on Tuesday, August 10, 2021 after the close of the market. Enovix will hold a conference call at 2:00 PM PT / 5:00 PM ET on the same day to discuss the company’s business and financial results.

Live Dial-in Details:
North America (toll-free): +1 (833) 865-1567
International: +1 (574) 990-9731
Conference ID: 9483164

Enovix will post its Letter to Shareholders with financial results and management commentary on its investor relations website at https://ir.enovix.com shortly after 1:00 PM PT on Tuesday, August 10, 2021 and will issue a press release outlining the Company’s key financial results when the posting has been made.

A simultaneous live webcast will be available via the investor relations section of the Company’s website at https://ir.enovix.com. An archived version of the webcast will be available on the Enovix investor relations website for one year at https://ir.enovix.com.

About Enovix

Enovix is the leader in advanced silicon-anode lithium-ion battery development and production. The company’s proprietary 3D cell architecture increases energy density and maintains high cycle life. Enovix is building an advanced silicon-anode lithium-ion battery production facility in the U.S. for volume production. The company’s initial goal is to provide designers of category-leading mobile devices with a high-energy battery so they can create more innovative and effective portable products. Enovix is also developing its 3D cell technology and production process for the electric vehicle and energy storage markets to help enable widespread utilization of renewable energy. For more information, go to www.enovix.com.

For investor and media inquiries, please contact:

Enovix Corporation
Charles Anderson
Phone: +1 (612) 229-9729
Email: [email protected]

The Blueshirt Group
Gary Dvorchak, CFA
Phone: (323) 240-5796
Email: [email protected]

For media inquiries, please contact:

Enovix Corporation
Kristin Atkins
Phone: +1 (650) 815-6934
Email: [email protected]

Matt Stewart

Method Communications
Phone: +1 (415) 867-0999
Email: [email protected]

July 27, 2021 4:04 pm

Aspira Women’s Health Inc. to Report Second Quarter 2021 Financial Results on August 12

AUSTIN, Texas, July 27, 2021 (GLOBE NEWSWIRE) — Aspira Women’s Health, Inc. (Nasdaq: AWH), a bioanalytical-based women’s health company, today announced that it will report financial results for the second quarter ended June 30, 2021 on Thursday, August 12, 2021, after the market close, followed by an investor conference call and webcast at 4:30 p.m. Eastern Time.

Thursday, August 12 at 4:30 pm ET
Domestic:	877-407-4018
International:	201-689-8471
Conference ID:	13720544
Webcast:	http://public.viavid.com/index.php?id=145272

About Aspira Women’s Health Inc.

Aspira Women’s Health Inc. (formerly known as Vermillion, Inc., Nasdaq: VRML) is transforming women’s health with the discovery, development, and commercialization of innovative testing options and bio-analytical solutions that help physicians assess risk, optimize patient management, and improve gynecologic health outcomes for women. Aspira Women’s Health is particularly focused on closing the ethnic disparity gap in ovarian cancer risk assessment and developing solutions for pelvic diseases such as pelvic mass risk assessment and endometriosis. OVA1® plus includes our FDA-cleared products, OVA1® and OVERA®, to detect risk of ovarian malignancy in women with adnexal masses. ASPIRA GenetiX^TM testing offers both targeted and more comprehensive genetic testing options with a gynecologic focus. With over 10 years of expertise in ovarian cancer risk assessment, Aspira Women’s Health is delivering a portfolio of pelvic mass products over a patient’s lifetime with our cutting-edge research. The next generation of products in development are OVANEX^TM and EndoCheck^TM. Visit our website for more information at www.aspirawh.com.

Investor Relations Contact:

Ashley R. Robinson
LifeSci Advisors, LLC
Tel: 617-430-7577
[email protected]